Business Update – 31 May 2023
Welcome back to our Weekly Business Update. Keeping you in the know with recent news updates relevant to business and the economy.
‘Most significant’ scam targeting Aussies
Scammers have taken advantage of the second-hand sale market by using a PayID scam to steal over $260,000. The scam involves the scammers creating fake PayID accounts and using them to receive payments from unsuspecting buyers. This has caused a hit to the second-hand sale market, as buyers are now more cautious when making payments.
Economist warn RBA could lose control of cash rate
An economist has warned that the Reserve Bank of Australia (RBA) could lose control of the cash rate if it continues to cut interest rates. This could lead to a situation where the RBA is unable to raise rates to combat inflation, leading to a potential economic crisis.
Rising Rental Prices Cause Cost of Living Crisis Across the Nation – Up to $600 a Week Increase Reported in Some Areas
Rental prices across Australia have been increasing rapidly, with some areas seeing an increase of up to $600 a week. This has caused a cost of living crisis for many Australians, with the situation becoming increasingly dire.
At Close of Business May 26 2023 the ASX is introducing a new system
At Close of Business on May 26, 2023, the Australian Securities Exchange (ASX) will be introducing a new system for trading and settlement of securities. This new system will replace the existing CHESS system and will provide improved security, efficiency and cost savings for investors.
What happens if the Voice referendum fails? Labor urged to have ‘contingency plan’
The Voice to Parliament referendum is a proposed referendum to give Indigenous Australians a voice in the federal parliament. If the referendum fails, Labor is being urged to have a contingency plan in place to ensure Indigenous Australians are still represented in parliament. This could include a parliamentary committee or a legislated body to ensure Indigenous voices are heard.
Imagine a long weekend, every week. Are Australians ready for a four-day work week?
Australia is considering introducing a four-day work week, with the same pay, to improve work-life balance and productivity. The proposal has been met with both support and criticism, with some arguing it could lead to job losses and reduced wages. The government is currently exploring the idea and will make a decision in the near future.
China makes sensational Australia ‘hacking’ claim
China has been accused of launching a disinformation campaign against the Five Eyes Alliance, a global intelligence-sharing network. The campaign includes false claims about the alliance’s involvement in the coronavirus pandemic and other issues. China has denied the allegations.
The rules for Afterpay, Zip and other ‘buy now, pay later’ providers are changing. What it means for you, and them
Buy Now Pay Later (BNPL) providers such as Afterpay and Zip are becoming increasingly popular, but new regulations are being introduced to protect consumers. These regulations include caps on late fees, limits on spending and more transparency about the cost of using BNPL services. Consumers should be aware of these changes to ensure they are using BNPL services responsibly.
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Disclaimer
The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.